The gem and jewellery sector is eagerly awaiting the Budget 2024 announcements, with hopes for measures that could boost the industry. One key expectation is a reduction in import duties, which would help lower costs for businesses in the sector. Additionally, there is anticipation for the introduction of a Diamond Imprest Licence, which would streamline processes and make it easier for companies to import diamonds.
These measures are seen as crucial for the growth of the gem and jewellery sector, which plays a significant role in India’s economy. The industry has been facing challenges in recent years, including rising costs and increased competition from other countries.
Overall, the sector is looking for support from the government to help it overcome these challenges and thrive in the global market. The Budget 2024 announcements will be closely watched by industry players, who are hopeful for positive developments that could drive growth and prosperity in the gem and jewellery sector.